Home Highlights June 2012 Year 2012 This

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1. Addition on valuation of closing stock - excise duty on closing stock of its finished goods - exclusive VS inclusive method - although the method of valuation of stock...

2. Inclusion of Excise Duty in valuation of closing stock - AO was right in adding the excise duty in the valuation of the closing stock - HC

3. Allowability of excise duty u/s 43B r.w. section 145A - valuation of closing stock - MODVAT credit cannot be reduced from the value of opening or closing stock - HC

4. Undervaluation of closing stock - non inclusion of excise duty into computation - addition to the income on the ground of undervaluation of the closing stock was wrong - SC

5. Under valuation of closing stock of rice - improper maintenance of stock register by the assessee-firm - the method of valuation was adopted by the Ld. AO in closing...

6. Valuation of closing stock - Even if the excise duty has not been paid and the assessee has postponed its payment, the valuation of the goods will not get affected....

7. Valuation of closing stock - There is no any purchase by the assessee during the year, and the sale made by the assessee is out of opening stock only. In the closing...

8. The assessee followed the correct method of valuing inventory by excluding recoverable VAT from the cost of purchases and inventory, in compliance with Accounting...

9. The Appellate Tribunal addressed the issue of penalty u/s 271(1)(c) related to the addition of closing stock. The AO levied penalty on an addition u/s 36(1)(iii) that...

10. Valuation of closing stock – Addition of proportionate transport charges – adjustment sought to be made is revenue neutral and at best may result in preponement or...

11. Valuation of closing stock - gold and jewellery - AO cannot change the method which was not recognized method as per the prescribed standards for valuation of closing...

12. Whether excise duty is excluded form value closing stock - while disturbing the value of the closing stock the assessing authority could not change the method of...

13. Valuation - turnover for the purpose of VAT - Inclusion of excise duty in invoice amount - Assessee not collected excise amount from customers - no addition - HC

14. Addition u/s 69B on account of difference in stock statement given to the Bank - the stock statement tally with the stock statement submitted to the bank at the end of...

15. Valuation of closing stock - method of valuation - no addition could be made towards value of stock because the closing stock cannot be construed as a source of profit...